Well this is a timely trial…
The Prestige was a single-hulled Liberian-owned oil tanker, operating under a Bahamian flag, which sank off the coast of Galicia, Spain on 19 November 2002 after suffering a catastrophic hull failure.
The resulting oil spill, estimated at some 20 million gallons of heavy fuel oil, wreaked havoc along coastlines of Spain, France, and Portugal. The spill was the largest environmental disaster in the history of both Spain and Portugal.
In August, the American Bureau of Shipping, the classification society that certified the vessel as seaworthy, was cleared in the case.
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For a sign of just how extraordinary oil shipping costs have become, consider this: It’s now more expensive to hire a tanker from the US to China than to launch a rocket into space.
The United Kingdom on Thursday sanctioned 12 oil tankers it identified as part of Russia's shadow fleet, including the 22-year-old Dakar that is currently making an unusual late-season voyage on the Northern Sea Route.
Commodity trading giant Trafigura is launching a new tanker company with plans to raise about $500 million and list the business in Oslo, opening its growing VLCC fleet to outside...
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